On Tuesday, Commerce and Industry Minister Piyush Goyal highlighted the enthusiasm in Qatar for establishing partnerships with Indian companies, aiming not only for mutual investments but also for joint ventures in third countries. He pointed out that Al Balagh, a Qatari company, has collaborated with Larsen & Toubro on various projects in Qatar and is looking to expand such efforts internationally. Goyal affirmed, “There is significant excitement in Qatar for attracting partnerships with Indian businesses, both for investment in India and Qatar, as well as for undertaking projects in third countries together.” This statement followed his meeting with Al Balagh Chairman Sherida Saad Jubran Al Kaabi and Qatar Development Bank CEO Abdulrahman Hesham Al Sowaidi.
He noted that the Qatari government is interested in third country projects and that the Qatar Development Bank is prepared to provide financing guarantees. Goyal encouraged Indian businesses to take advantage of government initiatives like ‘Make in India’ and ‘Startup India’ to enhance economic ties with Qatar. He emphasized the importance of these partnerships, especially as India and Qatar are nearing the finalization of a free trade agreement, which is anticipated to be concluded by mid to late next year. The minister is on a two-day visit leading a business delegation to strengthen trade and investment relations. Qatar remains a key trading partner for India within the Gulf Cooperation Council (GCC), with bilateral trade exceeding $14.15 billion in 2024-25.
